Clearer Export Growth Trend... 2.2% Increase from 1st to 20th of This Month (Comprehensive)

Korea Customs Service, Export and Import Status from November 1 to 20
Trade Deficit of 1.4 Billion USD
Semiconductors Up 2.4% · Cars Up 20.1%

Exports increased by more than 2% from the 1st to the 20th of this month, continuing the upward trend. If exports increase overall in November, it will mark two consecutive months of 'export growth' following last month. The government and national research institutes expect the export growth trend to continue not only this year but also next year.

According to the 'Export-Import Status from November 1 to 20' announced by the Korea Customs Service on the 21st, export value reached $33.8 billion, up 2.2% compared to the same period last year. The number of working days during this period was 15.5, the same as last year. The average daily export value was $2.18 billion, also increasing by 2.2%.

Regarding major export items, semiconductors (2.4%), passenger cars (20.1%), and petroleum products (0.4%) increased compared to the same period last year, while automobile parts (-3.6%) decreased. By country, exports to the United States (15.7%), Vietnam (1.4%), and Japan (10.8%) increased, whereas exports to China (-2.4%) and the European Union (EU, -4.1%) decreased.

Imports from the 1st to the 20th of this month amounted to $35.2 billion, down 6.2% compared to the same period last year. Imports of crude oil (5.7%), semiconductors (3.1%), and petroleum products (21.0%) increased, while gas (-30.2%) and machinery (-7.5%) decreased. Imports from major countries increased from Saudi Arabia (5.9%) and Taiwan (19.7%), but decreased from China (-2.6%), the United States (-5.1%), and the EU (-9.4%).

The trade balance recorded a deficit of $1.4 billion. Including this, the cumulative trade deficit for this year stands at $19.527 billion, a reduction of $20.861 billion compared to the same period last year (-$40.388 billion).

Cho Ik-no, Director of Trade Policy at the Ministry of Trade, Industry and Energy, said, "Considering the recent trend of exports concentrating at the end of the month, the ongoing export growth trend until the 20th of this month is expected to expand further by the end of the month, leading to a trade surplus for the entire month and an increase in the export growth rate. In particular, a positive turnaround in semiconductor exports is likely for the first time in 16 months since August last year."

The government and the Korea Institute for Industrial Economics and Trade (KIET) expect the export growth trend to continue. The government anticipates that exports will continue to increase in November and December. The goal is to increase exports from $106.6 billion in November-December last year to $110 billion in the same period this year. To achieve this, a 'short-term export expansion strategy' is being implemented, focusing on injecting 78 trillion won of trade finance into all stages of exports?from contracts to shipment and payment?through policy financial institutions such as the Korea Trade Insurance Corporation and the Export-Import Bank of Korea until the end of the year.

KIET forecasts that exports will increase by 5.6% next year compared to this year, with a trade surplus of $26.5 billion. Park Sung-geun, a research fellow at KIET, said, "Next year, the global economy is expected to experience limited growth due to persistent geopolitical uncertainties and inflationary pressures caused by deglobalization, leading major countries to maintain high interest rate policies. However, global trade is expected to rebound due to the base effect from this year's downturn. Exports are projected to increase by 5.6% year-on-year, supported by an improvement in the semiconductor market, steady export volumes of automobiles, the base effect from the previous year, and a gradual recovery in global trade."

Pyeongtaek Port viewed from the air. [Aerial photography cooperation = Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

This content was produced with the assistance of AI translation services.